ISLAMABAD: Global crude oil prices continued their downward trend with benchmark crude grades trading at lower levels in international markets.
Murban crude from the United Arab Emirates was trading at $66 per barrel, while U.S. West Texas Intermediate (WTI) crude stood at $69 per barrel. Brent crude was trading at $72.12 per barrel.
Despite the continued decline in international oil prices, the Pakistani government passed on only a limited reduction to consumers in its latest fuel price revision.
According to a government notification, the prices of petrol and high-speed diesel were reduced by Rs1.97 per litre each. The new price of petrol has been fixed at Rs297.97 per litre, while high-speed diesel will now retail at Rs309.50 per litre.
At the same time, the government increased the price of kerosene oil by Rs4.09 per litre, taking it to Rs231.14 per litre.
The revised petroleum prices came into effect on Saturday.
